By Team Ninja is indeed working on a sequel to Ninja Gaiden and it's coming out next year exclusively for the Xbox 360. The news is a little surprising since Team Ninja just released Ninja Gaiden Sigma for the Playstation 3. Perhaps an enhanced version will appear on Sony's turf in the future. Along with the announcement we have this little teaser clip. However, it doesn't have any of the ultraviolence. If you want to see that see the leaked screenshots.
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